In this week’s corporate roundup, Alight appoints a new CEO, Prudential announces its intent to fulfil a $221 million multiemployer plan pension risk transfer with Sound Retirement Trust, and Corebridge welcomes a new Retirement Services EVP.
Alight Names CEO
Alight, Inc. has appointed Dave Guilmette as chief executive officer. Guilmette will continue as vice chair of the company’s Board of Directors.
As part of the company’s previously disclosed succession plan, Stephan Scholl has stepped down as Alight’s CEO and member of the Board. He will remain with the company as an advisor for six months and continue to help advance the company’s strategic initiatives.
Guilmette has served on Alight’s Board since May 2024. He was the former CEO of Global Health Solutions, a multi-billion-dollar division of Aon.
“As we discussed when we released our second quarter financial results, the Board has been focused on succession planning for months,” said chair of the board William P. Foley, II. “Today’s announcement is the result of that work, and we are confident in Dave’s ability to jumpstart Alight’s next chapter following the completion of significant milestones including the technology transformation and divestiture of the Payroll & Professional Services business.”
“I am honored to lead Alight at this pivotal time,” said Guilmette. “Our technology transformation and recent divestiture have laid the groundwork for us to emerge as a much stronger company with a significantly improved financial profile. I know Alight’s colleagues are intensely focused and inspired by the opportunity to partner with our clients to deliver success for them and their people. Working closely with our executive team and Board of Directors, I already see many opportunities for us to move even faster in addressing these evolving client needs and reorienting around technology-rich services that enhance our competitiveness and deliver even more value for Alight’s clients.”
In conjunction with his appointment, Guilmette stepped down from the board’s Audit Committee. With Scholl’s departure, the board will now consist of 10 rather than 11 directors.
Prudential to Meet $221M Multiemployer PRT
The Prudential Insurance Company of America has been selected in a multiemployer plan pension risk transfer (PRT), to fulfill retirement benefit promises for the Sound Retirement Trust, a Seattle-based joint labor-management board of trustees that provides grocery workers of contributing employers with retirement benefits.
The transaction will settle approximately $221 million of Sound Retirement Trust pension liabilities and provide added retirement security for approximately 8,700 retirees and their beneficiaries.
“Prudential is proud to help protect the life’s work of these Sound Retirement Trust retirees, who literally spent their careers helping to feed Americans,” said Glenn O’Brien, head of Institutional Retirement Strategies Distribution at Prudential. “We are excited for the opportunity to apply Prudential’s deep retirement experience and leadership to help these individuals have a secure retirement, so they can live a better life, longer.”
“The decision to purchase a group annuity contract to cover 8,700 United Food and Commercial Workers (UFCW) retirees of the Sound Retirement Trust was determined over a year of careful due diligence and deliberation,” added union trustee and president of UFCW Local 3000, Faye Guenther. “Prudential was selected because of its historic track record as one of the safest annuity providers to guarantee pension benefit payments in the United States.”
Under the terms of the agreement in this transaction, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc., will assume responsibility for paying retirement benefits to this transaction’s population of Sound Retirement Trust retirees and their beneficiaries beginning Sept. 1.
Corebridge Welcomes EVP
Corebridge Financial has announced that Aaron Moore has joined the company as a retirement services executive vice president of strategic relationships. In this role, Moore will oversee the plan sponsor and consultant engagement strategy for the Corebridge Retirement Services business.
Moore has more than 26 years of experience in the financial services industry. He joins Corebridge from Lincoln Financial Group, where he held a variety of leadership positions, most recently serving as senior vice president of Institutional Sales and Client Engagement. Moore began his career as a financial advisor.
“We’re excited to welcome Aaron to Corebridge Financial,” said Terri Fiedler, president of Retirement Services at Corebridge. “His vast industry experience and knowledge will help us build even deeper relationships with plan sponsors and consultants in our target markets, to help educators, healthcare workers, government officials, and non-profit professionals take action in their financial lives.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.